Harry Boxer
The Technical Trader
The stock market indices had a very choppy, mixed session. The day started out with a move to the downside, and then had a strong rally back to test resistance, making a nominal new highs on the S&P 500 and Dow.
Net on the day, the Dow was down 15.48 at 18,038.23, after reaching a nominal new high of 18,073.57. The S&P 500, after reaching a nominal new high of 2093.55, closed up 1.81 at 2090.58, 3 points off its high. The Nasdaq 100 was down 1.45 at 4312.64, 9 points off its high.
Advance-declines were 18 to 13 positive on the New York Stock Exchange, and 14 to 13 positive on Nasdaq. Up/down volume was 3 to 2 positive on New York, with total volume of 2.4 billion shares. Nasdaq traded 1.2 billion shares, and had a flat even volume ratio.
TheTechTrader.com board was mixed, but there were some point-plus gainers. Priceline.com Incorporated (PCLN) was up 3.82 to 1160.04, Amazon.com Inc. (AMZN) up 2.95 to 312.04, and Netflix, Inc. (NFLX) up 1.88 to 341.93, but Google Inc. (GOOG) lost 3.70, and Apple Inc. (AAPL) was down just pennies to 113.91.
Pharmacyclics Inc. (PCYC) lost 1.11 to 123.75, Tesla Motors, Inc. (TSLA) fell 2.11 to 225.71, and Vipshop Holdings Limited (VIPS) dropped just 68 cents to 19.28.
Agios Pharmaceuticals, Inc. (AGIO) jumped 1.17 to 115.60.
Advaxis, Inc. (ADXS), one of our swing trades that I recommended on Friday, up 1.03 to 9.00, reaching as high as 9.75 earlier in the day.
On the downside, GoPro, Inc. (GPRO) was down a whopping 4.49 to 64.74, Ambarella, Inc. (AMBA) down 1.90 to 54.04, Twitter, Inc. (TWTR) 1.18 to 36.42, and Splunk, Inc. (SPLK) 1.28 to 61.70.
Checking the TheTechTrader.com percent-gain leaderboard, China Jo-Jo Drugstores, Inc. (CJJD) ran to 2.85, before pulling back and closing at 2.61, up 57 cents, or 28%, on 1.3 million shares. Idera Pharmaceuticals, Inc. (IDRA) thrust 51 or cents to 4.50, or 13%, on 5 million shares.
Xenon Pharmaceuticals Inc. (XENE) gained 2.86 to 19.91, or 17%.
The Direxion Daily Russia Bear 3X ETF (RUSS) ran 6.13 to 29.77, or 26%, on 2.2 million shares, and traded over 30 at one point today.
Among other gainers, Amira Nature Foods Ltd. (ANFI) was up 1.57 to 14.48, Lakeland Industries Inc. (LAKE) up 1.04 to 10.09, Juno Therapeutics Inc. (JUNO) 5.48 to 54.21, Celladon Corporation (CLDN), one of our favorites, 1.44 to 20.56, The Habit Restaurants, Inc. (HABT) 2.15 to 35.34.
Stepping back and reviewing the hourly chart patterns, after a lower opening, the indices came back sharply on the S&P 500, but the Nasdaq 100 was less enthusiastic. The S&P 500 reached new all-time highs before noon, but the Nasdaq 100 not even taken out Friday's highs. They then sold off, retested, held support, and bounced, only to back off in the last ten minutes to give back a chunk of the gains to take the S&P 500 and Dow into negative territory. It's a crummy way to start the weak but the market seems tired in here.
Let's see what happens tomorrow.
Good Trading!
In using any portion of The Technical Trader, you agree to the Terms and Conditions governing the use of the service as described in this disclaimer. Our disclaimers, policies and terms are subject to change without notice. The Technical Trader (www.thetechtrader.com) is published by Century-Pacific Investments and AdviceTrade, Inc., both of which are publishers. The Web site is maintained by Codexia, LLC. None of these firms, nor Mr. Boxer, is registered as a broker-dealer or investment adviser either with the U.S. Securities and Exchange Commission or with any state securities authority. Each trade mentioned in the diary and other sections of The Technical Trader is hypothetical and is not an actual trade. Mr. Boxer and employees of Century-Pacific, AdviceTrade and Codexia are not allowed to have personal positions in stocks mentioned in the diary and other sections of The Technical Trader. This policy, first announced to subscribers on June 2, 2004, gave Mr. Boxer a deadline that was extended to July 30, 2004 for liquidating any existing personal holdings in stocks mentioned on the site. Our holdings page, in which Mr. Boxer listed his personal positions in stocks mentioned on the site, was removed at that time. The publishers are not permitted to have any financial relationship with companies mentioned on the site. Mr. Boxer may recommend trades of stocks mentioned in the Diary as a consultant to hedge funds, but has agreed not to make such recommendations until after the stock has been posted on The Technical Trader Web site. Mr. Boxer's commentaries, trading ideas and model trades represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Neither we nor Mr. Boxer claim to have any non-public information regarding the companies mentioned in this site. The trade prices that appear on this Web site are based on the average of the real-time bid and real-time ask prices provided by Money.net, except when entered manually by Mr. Boxer should Money.net's feed be temporarily down. There may be a delay between the price as it appears in the diary and the current price that you see from your terminal due to delays in Internet connectivity, quote delays, refresh intervals in the case of the Web-based diary page, data entry errors, and market conditions, and also due to times when Mr. Boxer is not available to make the trade at the moment a previously stated target has been met. Entries may at times be in error due to system or data-entry errors. Hypothetical performance results do not include trading commissions and other execution costs that would be incurred if the trades referenced in the diary or elsewhere on the site were actual trades. Past performance is no guarantee of future results.
Recommended Content
Editors’ Picks
EUR/USD trades with negative bias, holds above 1.0700 as traders await US PCE Price Index
EUR/USD edges lower during the Asian session on Friday and moves away from a two-week high, around the 1.0740 area touched the previous day. Spot prices trade around the 1.0725-1.0720 region and remain at the mercy of the US Dollar price dynamics ahead of the crucial US data.
USD/JPY jumps above 156.00 on BoJ's steady policy
USD/JPY has come under intense buying pressure, surging past 156.00 after the Bank of Japan kept the key rate unchanged but tweaked its policy statement. The BoJ maintained its fiscal year 2024 and 2025 core inflation forecasts, disappointing the Japanese Yen buyers.
Gold price flatlines as traders look to US PCE Price Index for some meaningful impetus
Gold price lacks any firm intraday direction and is influenced by a combination of diverging forces. The weaker US GDP print and a rise in US inflation benefit the metal amid subdued USD demand. Hawkish Fed expectations cap the upside as traders await the release of the US PCE Price Index.
Sei Price Prediction: SEI is in the zone of interest after a 10% leap
Sei price has been in recovery mode for almost ten days now, following a fall of almost 65% beginning in mid-March. While the SEI bulls continue to show strength, the uptrend could prove premature as massive bearish sentiment hovers above the altcoin’s price.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.